IRDA Notifications

ULIP Investments – New Rules

Corporate Law - The investment in Unit Link Insurance Plans (ULIPs) is now all set to be governed by new set rules from the Insurance Regulatory and Development Authority (IRDA), to be incorporated in all ULIPs offered from next month. Accordingly, the three-year lock-in period for all unit-linked products will be increased to five years....

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ULIPS: New Regulatory & Tax Regime

Corporate Law - The tug of regulatory war over unit linked insurance plans (ULIPs) has ended with regulatory regime to be retained with insurance regulatory body (IRDA). The Central Government has promulgated an Ordinance (legislation) to the effect that ULIPs shall be regulated by IRDA only, thus ending the ongoing claims by both regulators- SEBI and I...

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Exposure Draft on repealing of IRDA (Standard Proposal form for Life Insurance ) Regulations 2013

Corporate Law - Presently life insurers file proposal forms with IRDAI and reviewed under the File and Use procedure at the time of product clearance. The proposal forms are customized by Life Insurers for the specific products and there is no useful purpose served by mandating a uniform proposal form format for all companies and products....

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Exposure Draft Guidelines for Independent Assessment of Statutory Actuarial Valuation

Corporate Law - The insurers carrying out Life, General and Health insurance business need to value their insurance business liability every year by Appointed Actuary of the insurer. This is also applicable to the Reinsurers operating reinsurance business. As per the existing Assets, Liabilities and Solvency Margin Regulations the Appointed Actuaries of ...

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Second Amendment to IRDAI’s (Payment of commission, remuneration or reward to insurance agent or insurance intermediaries) Regulations, 2016

Corporate Law - Attention is drawn to IRDAI’s (Payment of commission, remuneration or reward to insurance agent or insurance intermediaries) Regulations, 2016 notified on 14th December, 2016 in the official gazette....

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Proposed IRDAI (Outsourcing of Activities by Indian Insurers) Regulations, 2017

Corporate Law - The Authority has issued an Exposure Draft along with Proposed Regulations on IRDAI (Outsourcing of Activities by Indian Insures) Regulations, 2016 on 16/8/2016 seeking comments from various stakeholders...

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Report of Implementation Group on Ind AS in Insurance Sector in India

Corporate Law - The need for uniform reporting of financial statements of business entities is an off shoot of globalization. India, being an important player, in the evolving world economy, needs to respond to international trends. With several businesses operating across borders and reaching international capital markets, there is a need for establishi...

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Every claim made against an insurance company in respect of a loss, would be a claim within purview of claims “requiring to be paid or settled” under section 64UM(2) of Insurance Act

New India Assurance Co. Ltd. Vs. Union of India (Delhi High Court) - Every claim made against an insurance company in respect of a loss, would be a claim within purview of claims “requiring to be paid or settled” under section 64UM(2) of Insurance Act....

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Insurance company liable to pay compensation till vehicle owner’s name is in register

Pushpa @ Leela & Ors. Vs Shakuntala & Ors. (Supreme Court of India) - The Supreme Court held recently held in the case of Pushpa @ Leela & Ors. Versus Shakuntala & Ors that the insurance company will be liable to pay compensation for road accident death even if the owner had sold the vehicle so long as his name is the official register. The previous owner m...

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Recent Supreme Court Judgment Misinterpreted to Infer That Date Of Rejection of A Claim is Irrelevant

Limitation period means the time within which a person must file his case before a judicial authority for exercising his rights. This period is to be calculated from the date of the cause of action. This term does not have any definition, but it is well settled that “cause of action” is a mixed ...

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IRDA warns IFFCO Tokio for Violations of Group Insurance Guidelines

IRDA/HLT/WRN/ORD/009/01/2018 - (19/01/2018) - However, taking into consideration the rectification measures stated to have been initiated, your company is warned for violating the within referred provisions of Guidelines on Group Insurance Policies and your company is also directed to ensure compliance of the within referred Guidelines hereafte...

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IRDA (Insurance Brokers) Regulations, 2018

F. No. IRDAI/Reg/2/149/2018 - (12/01/2018) - (1) These regulations may be called the Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018. (2) These regulations shall come into force on the date of their publication in the Official Gazette and supersede Insurance Regulatory and Development Authority (In...

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Exposure Draft on IRDA (Minimum Information for Inspection or Investigation) Regulations 2018

Ref: 40/IRDA/INSP/Min-Info-Reg/2017 - (11/01/2018) - The Government of India issued Insurance Laws (Amendment) Ordinance, 2014 which was later formalized as Insurance Laws (Amendment) Act, 2015 which amended certain provisions of the Insurance Act, 1938 and IRDA Act, 1999....

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IRDA issues Clarification on MISP Guidelines

IRDA/INT/CIR/MISP/5/01/2018 - (11/01/2018) - Clarification on MISP Guidelines 1. Creation of panel of insurers by insurance intermediary or MISP 2. Role and responsibilities of MISP vis-à-vis Original Equipment Manufacturers (OEM’s)...

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IRDAI (Obligatory Cession), Notification, 2018

Notification No. F. No IRDAI/RI/1/148/2018 - (09/01/2018) - Central Government, hereby makes following notification namely: Obligatory Cession. This notification shall be applicable to Indian Re insurers and other applicable insurers as per the provision of Section 101A of Insurance Act, 1938....

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Recent Posts in "IRDA Notifications"

IRDA warns IFFCO Tokio for Violations of Group Insurance Guidelines

IRDA/HLT/WRN/ORD/009/01/2018 (19/01/2018)

However, taking into consideration the rectification measures stated to have been initiated, your company is warned for violating the within referred provisions of Guidelines on Group Insurance Policies and your company is also directed to ensure compliance of the within referred Guidelines hereafter....

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IRDA (Insurance Brokers) Regulations, 2018

F. No. IRDAI/Reg/2/149/2018 (12/01/2018)

(1) These regulations may be called the Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018. (2) These regulations shall come into force on the date of their publication in the Official Gazette and supersede Insurance Regulatory and Development Authority (Insurance Brokers) Regulations, 2013 with ...

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Exposure Draft on IRDA (Minimum Information for Inspection or Investigation) Regulations 2018

Ref: 40/IRDA/INSP/Min-Info-Reg/2017 (11/01/2018)

The Government of India issued Insurance Laws (Amendment) Ordinance, 2014 which was later formalized as Insurance Laws (Amendment) Act, 2015 which amended certain provisions of the Insurance Act, 1938 and IRDA Act, 1999....

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IRDA issues Clarification on MISP Guidelines

IRDA/INT/CIR/MISP/5/01/2018 (11/01/2018)

Clarification on MISP Guidelines 1. Creation of panel of insurers by insurance intermediary or MISP 2. Role and responsibilities of MISP vis-à-vis Original Equipment Manufacturers (OEM’s)...

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Exposure Draft on repealing of IRDA (Standard Proposal form for Life Insurance ) Regulations 2013

Presently life insurers file proposal forms with IRDAI and reviewed under the File and Use procedure at the time of product clearance. The proposal forms are customized by Life Insurers for the specific products and there is no useful purpose served by mandating a uniform proposal form format for all companies and products....

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Posted Under: Corporate Law |

IRDAI (Obligatory Cession), Notification, 2018

Notification No. F. No IRDAI/RI/1/148/2018 (09/01/2018)

Central Government, hereby makes following notification namely: Obligatory Cession. This notification shall be applicable to Indian Re insurers and other applicable insurers as per the provision of Section 101A of Insurance Act, 1938....

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Exposure Draft on “IRDA (Reinsurance) Regulations, 2018”

Ref. No: IRDA/RI/RI-REG/17-18/198 (05/01/2018)

The Authority had constituted an Expert Committee on Reinsurance on 05th May, 2017. The Committee has submitted the report and the same is available in IRDAI website. In view of the Committees recommendations, the Authority hereby proposes the draft regulations...

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Linkage of Aadhaar number to Insurance Policies is mandatory

IRDAI/SDD/MISC/CIR/248/11/2017 (08/11/2017)

Linkage of Aadhaar number to Insurance Policies is mandatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017....

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Exposure Draft Guidelines for Independent Assessment of Statutory Actuarial Valuation

The insurers carrying out Life, General and Health insurance business need to value their insurance business liability every year by Appointed Actuary of the insurer. This is also applicable to the Reinsurers operating reinsurance business. As per the existing Assets, Liabilities and Solvency Margin Regulations the Appointed Actuaries of ...

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Posted Under: Corporate Law |

Clarifications on Guidelines on insurance e-commerce and electronic issuance of insurance policies

IRDA/ BRK/ CIR/ INSRE/211/09/2017 (07/09/2017)

The Authority as part of its developmental mandate and to reach out to the policyholders in a cost efficient manner has taken number of steps. This includes issuing revised guidelines on insurance repositories, insurance e-commerce, issuance of electronic insurance policies, maintenance of electronic records, etc....

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